Life Insurance for Couples

Protect the lifestyle you've worked hard to create

If you have settled down with a partner and are planning a future together, it makes sense to protect that future, especially if you are thinking about starting a family.

Whether you suffer an illness or injury that prevents you from working, whether you hurt yourself in an accident, or even if the worst should happen, insurance can help provide the financial security you and your partner need.

What cover might you consider?

Taking out insurance can seem like a hassle, but you'll be surprised at how quick and easy it really is. Take a look at the different ways you can protect yourself to cover the risks you might face.

MyStyle Life Insurance

Income Protection, Life Insurance + Serious Illness bundle

MyStyle Life Insurance offers combined Death Cover, Income Protection and Serious Illness to help protect your lifestyle. If you don’t have Income Protection or Life Insurance, you might like to consider getting them together in one simple policy with MyStyle Life Insurance. However, you don’t have to combine everything in together at once, you can dial up and down your Death Cover, Income Protection Cover and Serious Illness cover at any time as your needs and lifestyle change. Also, if you and your partner are planning a future together, you have the option to choose a joint cover for Death Cover, protecting both of you, in case something unfortunate happens to one of you and you are no longer there.

Income Protection

You might get sick or injured and not be able to work

Getting sick or injured, could happen at any time. You could break your wrist falling off your bike on the way to work, you could break your leg in a car accident, or you could fall ill and have to spend time in hospital. If this were to happen to you and you had to take time off work, how long could you manage without an income coming in? You may have savings, but that money won't last forever. You may be able to rely on your partner's income for a while, but that could result in both financial and emotional strain.

Life Protect

You could leave your partner financially vulnerable

No one likes to think about death, however it is worth thinking about its financial implications. If you and your partner both work, it's likely you rely on both your incomes - to pay the bills, the rent or mortgage, the food and petrol costs, and the luxuries in life. If one of you were to die, could the other cope financially?

Accidental Injury

You could get injured in an accident

Accidents happen to everyone, no matter what their age. You could fall and break your arm on the way to the shops, you could fracture your hip taking a tumble, or you could break your leg taking the dog for a walk. Unfortunately, accidents happen all too easily. If you were to get injured in an accident, could you afford to take time off work? Could you afford the expensive medical bills?

Life Insurance through Superannuation – Is It Enough?

What is Life Insurance through superannuation? And how do you know if life insurance through superannuation is enough? Samantha Rush explains the basics of life insurance in these two videos.

What is Life Insurance through superannuation?

This means paying for Life Insurance with the money that sits in your super fund. You’ll generally get the default level of cover your super fund offers. You can choose this option through your employer or when you set up your super fund. As long as your employer, or you, contributes super to your account regularly, you will have some level of Life Insurance cover.

What am I covered for under Life Insurance through superannuation?

Life Insurance through a super fund usually includes one or more of three different kinds of cover:

Death cover, which pays a lump sum or an income stream benefit amount to your beneficiaries if you die.

Total and permanent disability cover, which pays you a benefit amount if you’re seriously disabled and not likely to work again because of this.

Income protection to cover loss of income over a certain period if you can't work because of a temporary illness or injury.

How do I work out how much Life Insurance I need?

To get an idea of how much insurance cover you need, start by tallying up the total cost of the things you pay for that your loved ones would still need if you’re no longer earning an income.

This might be things like your bills, debts, mortgage, and personal loans. The total sum of these gives you an idea of the amount of cover your loved ones would need to continue to meet your financial responsibilities in your absence.

Try our life insurance calculator online now.

What’s the difference between my super Life Insurance policy and a policy through an insurer?

Life Insurance through an insurance provider is different in a few ways. Firstly, there can be more flexibility around the kind and level of cover available, meaning the amount you pay can be adjusted to increase or decrease the level of cover. Also, benefit amount payable to you or your family are usually delivered quicker by an insurance provider because they are passed directly to the beneficiaries rather than to a super funds trustee.

Is Life Insurance through super enough?

When thinking about Life Insurance, consider what you need cover for, the premium you can afford, and the benefit or limits you and your loved ones require to keep the lifestyle that you want. For example, if someone has an underlying medical condition they might opt for Life Insurance through an insurance company to make sure they’re covered in particular circumstances. On the other hand, another person might only need a benefit amount if they’re injured at work and can no longer do that job.

Try our life insurance calculator online now.

Life Stages & Events

Whatever stage of life you're at, Suncorp could help you plan for life's unexpected turns. See what some people in your stage of life buy to help protect themselves financially and why.

Need to talk?

Our friendly team of insurance specialists at our Australian based call centre can answer all your questions. Alternatively, if you feel your financial requirements are more complex and you require financial advice, you can turn to a Suncorp Financial Planner for help in assessing your risk and working out the cover that could meet your needs.

Information is current as at 7 June 2016 and may be subject to change from time to time without notice. Suncorp life insurance products are issued by Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229 880 (Asteron), and AAI Limited ABN 48 005 297 807, AFSL 230859 (AAI) which is part of the Suncorp group, who only issues the redundancy benefit. Asteron is authorised to use the Suncorp brand. Any advice on this page is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). TAL Direct and Asteron are part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 (TAL) group of companies. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters. Before making a decision about the product you should consider the relevant Product Disclosure Statement available from Asteron at suncorp.com.au/insurance/policy-documents or by calling 1800 639 065. If you decide to purchase or vary a financial product, PV will receive fees and other benefits, which will be a dollar amount or a percentage of the premium you pay. You can ask us for more details.

Asteron supports and adheres to the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry through the Financial Services Council to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities. Download the Code here. For more information contact the Financial Services Council on (02) 9299 3022 (local call cost), email info@fsc.org.au or visit www.fsc.org.au.

Products and services including banking, superannuation and insurance (including home and car insurance but not life insurance) are provided by separate companies in the Suncorp Group. Suncorp Bank (Suncorp-Metway Ltd ABN 66 010 831 722 ) is only liable for the banking products or services it provides and not the products and services of other companies in the Suncorp Group.

Life insurance is provided by Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229 880 (Asteron). Asteron is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Suncorp is a distributor of Life Insurance products issued by Asteron. The different entities of TAL and the Suncorp Group are not responsible for, or liable in respect of, products and services provided by the other.